This paper addresses the market's perception of risk from terrorism by examining the prices of single-family homes before and after the terrorist attacks on September 11th, 2001. In the wake of the attacks, government officials responded by raising security at sites considered to be likely...

REIT is an important but complex financial innovation. The next decade is likely to see the emergence and fast development of REITs market in China. The development of a sound legal and regulatory infrastructure is a critical first step. Obviously, the lessons in the 48 years development of the...

Subordination levels are of critical importance in the classic senior-subordinated structure for securitized financing (such as collateralized debt obligations and commercial mortgage-backed securities). Subordination levels determine the amount of credit support that the senior bonds (or...

This paper estimates an option-based hazard model of the competing risks of FHA mortgage termination. Results indicate that the elevated default risks of loans originated among lower credit quality and minority borrowers are more than offset by the damped prepayment speeds of those loans, so as...